Reservoir Media, Inc..

Good day, everyone, and welcome to today's Reservoir Media Q1 Fiscal Year 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have an opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing the star and 1 on your telephone keypad. Please note this call is being recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn the program over to Jackie Marcus with Investor Relations.

Thank you, Operator. Good morning, everyone, and thank you for participating in today's earnings conference call. Reservoir Media issued a press release with results for its first quarter of fiscal 2025 and due June 30, 2024, earlier this morning. If you do not receive a copy of our earnings press release, you may access it from the Investor Relations section of our website at investors.com. reservoir-media.com. With me on today's call are Gulnar Khosrowshahi, Founder and Chief Executive Officer, and Jim Heindelmeyer, Chief Financial Officer. As a reminder, this call is being simultaneously webcast and will be recorded and archived on the Investor Relations section of our website. Before I turn the call over to Gulnar and Jim, I'd like to note that today's discussion will contain forward-looking statements that reflect the current views of Reservoir Media about our business, financial performance, and future events, and as such, involve certain risks and uncertainties. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Please refer to our earnings press release and our filings with the Securities and Exchange Commission for more information on the specific risks, uncertainties, and other factors that could cause our actual results to differ materially from our expectations, beliefs, and projections described in today's discussion. Any forward-looking statements that we make on this call or in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events, except to the extent required by applicable law. In addition to financial results presented in accordance with the generally accepted accounting principles, we plan to present during this call certain financial measures that do not conform to U.S. GAAP if we believe they are useful to investors or if we believe they will help investors to better understand our performance or business trends. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures are included in our earnings press release. I would now like to turn the call over to Gulnar.

Thank you, Jackie. Good morning, everyone. And thank you for joining us today to review our results for the first quarter of fiscal year 2025. Just a few days ago, we marked reservoir's third anniversary of our listing on the NASDAQ. In this time, We have attracted an increasingly high caliber of talent and assets to the company, while also maintaining our reputation as a partner of choice for those creators who already call ResVar home. We continue to represent music in all corners of the world and have grown our team into an ever more global, diverse, and experienced group. And we have accomplished these foundations in concert with exceeding full-year revenue and adjusted EBITDA guidance and posting year-over-year organic growth every quarter since our listing. These last three years are evidence that we not only set goals for ourselves, but we also consistently achieve them. Reservoir has only just started our journey as a public company, and we believe we have significant future value to drive for all of our stakeholders as we move forward. We're off to a good start in fiscal 2025 and remain on track to again hit our annual targets. For the first quarter, we posted total revenue of $34.3 million, which was up 8% when including our acquisitions and up 6% on an organic basis when compared to the year-ago period. At a segment level, we saw strength in our music publishing business, which helped us drive a 25% increase in our adjusted EBITDA. Music publishing generated healthy top-line growth, particularly from digital and performance-based revenues, which benefited from price increases at multiple music streaming services, despite the reclassification of Spotify's primary subscription tier of the bundled service. We also saw a 17% gain in digital revenues for our recorded music business, driven by the continued growth of the DSPs. Synchronization revenue in recorded music grew 87%, with some standout placements, including Sinead O'Connor's Never Gets Old in the trailer for The Watchers and Generation X's Dancing With Myself in a Comcast ad. One of Reservoir's unique strengths is our ability to not only build a diverse and high-quality catalogue of assets, but also identify and partner with active songwriters and producers who are shaping the music landscape with chart-topping collaborations across genres. Reservoir writer Steph Jones continues to reach meteoric heights with her co-write of Sabrina Carpenter's Espresso, which many media outlets have deemed the song of the summer. Espresso held the number one position on the UK singles chart for six weeks, and also topped several U.S. charts. Even more impressive, Espresso reached number one on Billboard's global excluding U.S. chart, which tied for the longest run at that spot this year, and it also sits at number six on the top ten global songs for the first half of 2024, as calculated by Lumine. We also celebrate the success of Dua Lipa's third studio album, Radical Optimism, which featured Ali Tamposi's co-write Whatcha Doing and Falling Forever. The album debuted at number one on the UK album charts and number two on the Billboard 200. Reservoir songwriter Kings of Leon's ninth studio album, Can We Please Have Fun, reached number two on the UK album charts and number seven on the US top rock and alternative albums charts. In addition to those I just mentioned, the work of multiple other reservoir-affiliated writers landed in the top ten on the Billboard 200 this past quarter, including music by Shibuzee, Luke Combs, Gunna, Ariana Grande, and SZA. Our early investment in emerging markets, particularly in the Middle East and North Africa, gave us the opportunity to sign some of the most popular regional acts who are proving to be cross-border commercial successes. For example, Champion, the latest album from Moroccan rap star Haliwa, included two singles that reached the number one and number two positions on Spotify's Top 50 Morocco chart. Both tracks also landed in the top 10 on the IFPI's official MENA chart, North Africa, and made appearances on Billboard's Arabic Top 100. This past month, we also published the official anthems, for the International Cricket Council's T20 World Cup 2024 Out of This World by Sean Paul and Kev with several remixes, including one featuring Indian mega rap star Divine. The increasing global demand for music from emerging markets around the world reiterates our commitment to this growing market and to further expanding our reputation as the partner of choice by today's leading artists in the region. Turning our attention to new Reservoir signings, we recently announced three publishing deals I'd like to highlight. We added the award-winning singer and songwriter Ravel to our roster, with the Huffington Post calling him one of pop's unsung talents. Ravel has co-written for Pink, Kesha, Backstreet Boys, and Pentatonix, among others. Earlier this month, we announced the addition of platinum-selling songwriter and producer Aaron Zuckerman to our roster. The deal includes Aaron's recent co-write, White Claw, by Young Gravy and Shania Twain. He has also partnered with today's top artists across genres, such as Lil Wayne, Bebe Rexha, MGK, Hunter Hayes, and Travis Barker. And third, songwriter-producer Louis Thompson joined our roster. With four billion streams and nine top ten UK hits to his name, Louis has collaborated with some of the biggest names in pop, and his works have been nominated for the Brit Award Song of the Year and Ivor Novello PRS for Music Most Performed Work. The strength of our portfolio of assets is reflected in our first quarter financial results and is a product of the robust due diligence process we undertake prior to making an offer. As Jim will discuss, our business generates a healthy, predictable cash flow that allows us to continue to invest in our operations, people, and creators. With that, I'd like to turn the call over to Jim to discuss our first quarter numbers in greater detail. Jim?